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TOP 50 PERFORMERS IN NEW HOME SALES INDICATE DEMAND FOR AFFORDABLE HOUSING IN SOUTHERN CALIFORNIA

 NEWPORT BEACH, Calif., March 10 /PRNewswire/ -- Typical for the season, the top 50 best-selling projects in Southern California recorded the lowest sales of the year in the fourth quarter of 1992, according to a report just published by The Meyers Group, an independent market research and consulting firm. Sales ranged from 17 sales on the low end to a high of 76 sales. Despite the slower market, all of the top 50 actively selling projects achieved sales of more than 1.30 units per week, providing ample evidence that opportunities still exist to offer new for-sale residential housing in Southern California. "The sales recorded (at the top 50 selling projects) show the demand for housing that is affordable and within an easy commute to major employment concentrations," commented Ada Chen, a consultant with The Meyers Group.
 The top 50 best-selling projects recorded a total of 1,381 sales in the fourth quarter of 1992, a 25 percent decline from the 1,842 sales in the third quarter. However, even though the actual number of sales declined, the top 50 projects represented a higher percentage (25.1 percent) of the total sales in Southern California than the third quarter (21.7 percent). "The top 50 projects represented only 2.9 percent of the total 1,728 actively selling projects in Southern California, indicating that a small number of projects are capturing a large share of the market," Chen said. The top 50 best-selling projects averaged 2.1 units per week, vs. 0.43 units per week for all projects in Southern California. The average price of the units sold in the top 50 projects was $172,345 for a 1,357-square-foot unit, with an average per square foot value of $125.71.
 The top five best-selling projects sold a total of 308 units in the fourth quarter of 1992, an average of 4.74 units sold per project on a weekly basis. Unlike the third quarter when four of the five best sellers were single family detached developments, all the top five projects in the fourth quarter were attached projects. The top three projects are located in Los Angeles County, while the fourth ranked project was located in San Diego County and the fifth in Ventura County.
 There was an unusually high number of projects with units offered at auction during the fourth quarter, with three of the top five projects and 10 of the top 50 projects selling in this manner. "Auctions generally create excitement in the market place. Shoppers are looking for good deals and something that they can afford. People perceive an auction as a good value and must make quick decisions," commented Steve Smiley, a manager with The Meyers Group.
 Five builders had more than one project on the best sellers list, with Kaufman & Broad having the largest number (five projects). Other builders with multiple projects on the best selling list included the Fieldstone Co. (four projects), Pardee Construction (three projects), and Odmark & Thelan and Forecast Corp. with two projects each. Kaufman & Broad continues to succeed in the Southern California market, with sales at just the five projects of the top 50 list totaling 147 units, an 11 percent share of the sales of the top 50 projects and 2.7 percent of the total sales in Southern California (from just 0.3 percent of the total projects). Both Fieldstone and Pardee followed, with each builder having 83 units sold during the fourth quarter of 1992.
 All six of the counties in Southern California are represented on the list, with Los Angeles and San Diego counties having the greatest number of projects (14 in each), following by Orange County (nine projects), San Bernardino County (six projects), Riverside County (four projects), and Ventura County (three projects).
 The Meyers Group is an independent marketing research and consulting firm which serves the real estate industry in the Western United States. "The Best Selling Projects of Southern California" is a quarterly publication.
 -0- 3/10/93
 /CONTACT: Ada Chen, 619-792-7272, or Mary Cameron, 818-501-8905, both of The Meyers Group/


CO: The Meyers Group ST: California IN: FIN SU:

KJ-EH -- LA024 -- 8579 03/10/93 16:53 EST
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Date:Mar 10, 1993
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